Binance, the largest cryptocurrency exchange, has started reimbursing users' losses following a large-scale hacker attack that occurred on the night of October 30, 2026. The company allocated more than $6.34 billion of its own funds to cover the damage. The exchange announced this on social media platform X. This was reported by Qazaqyia.kz citing Kursiv Media.
Rebuilding reserves
Of the reserved amount, $5 billion is already held by Binance in the cryptocurrencies affected by the attack. The company intends to purchase the missing assets on the open market and through over-the-counter deals to return the corresponding tokens to users.
Binance warned that restoring reserves may require additional time. The company cited insufficient liquidity of certain crypto assets and the settlement timelines for OTC transactions as the main reasons.
Asset freeze
In addition to allocating its own funds, the crypto exchange reported freezing $3 billion in assets with the support of industry partners. This amount is not part of the $6.34 billion reserve intended to cover client losses.
The company continues to cooperate with law enforcement agencies, token issuers, and organizations specializing in blockchain transaction analysis. The joint actions are aimed at tracking the stolen cryptocurrency, blocking suspicious assets, and their subsequent return.
Binance statement
"We will continue to use the company's resources to cover the confirmed deficit and will provide further confirmed updates as the fund recovery work progresses. Ultimately, all user funds will be publicly confirmed through our proof-of-reserves system," the Binance statement said.
Bitcoin price
On October 30, 2026, at 17:55 Kazakhstan time, Bitcoin was trading at $77,252.17. Over the day, the value of the largest cryptocurrency decreased by $448.86, or 0.58%. During the day, the Bitcoin price rose above $78.5 thousand, but subsequently fell below $77.3 thousand.
Attack details
The hacker attack occurred on the night of October 30. According to the exchange's preliminary estimate, the damage may exceed $6 billion. If this amount is confirmed, the incident will become the largest hack in the history of the cryptocurrency industry.
After detecting the attack, Binance temporarily suspended deposit and withdrawal operations. Later, company representatives said they expect to restore cryptocurrency withdrawal capability within 48 hours.
American and Singaporean cybersecurity specialists suggest that hackers linked to North Korea may be involved in the attack.